Shares in UK Oil & Gas (LSE: UKOG) have risen by as much as 40% today after the release of positive news flow from its part-owned prospect in the Weald Basin in the UK.

Sweet oil has flowed naturally to surface from an 80-foot zone within the Lower Kimmeridge limestone interval at a depth of around 900 metres below ground. Flow commenced at a rate of around 700 barrels per day using a one-inch choke, with a mix of 50: 50 oil to water. The well was then choked back to 32/64 inches, which resulted in a slower oil rate of 463 barrels of oil per day, with a mix of over 99% oil and 1% water.

This is a highly significant event for UK Oil & Gas because it owns a 20% interest in the project and the company’s shares have responded so positively because flow rates are in excess of previous expectations. And with the planned use of a horizontal well and appropriate conventional reservoir stimulation techniques, flow rates could increase yet further.

Clearly, this is excellent news for investors in UK Oil & Gas and while the company remains relatively high risk due in part to its small size, it could be of further interest to less risk-averse investors.

Shares could take off

Meanwhile, continuing its recent share price fall today is support services company Amec Foster Wheeler (LSE: AMFW). Its shares are down by 14% year-to-date despite the company’s strategy seemingly improving its long-term outlook and the business having made impressive contract wins in recent weeks, notably with the US Air Force.

With Amec Foster Wheeler having a relatively low risk, multi-market business model, it seems likely to come through the present low ebb in commodity prices. And with its bottom line due to flatline in 2016 following what is expected to have been a highly disappointing 2015, investor sentiment in the stock could improve. That’s especially the case since Amec Foster Wheeler trades on a price-to-earnings (P/E) ratio of just 6.3, which indicates that it has tremendous upward rerating potential.

Volatile future

Also offering significant upside is Glencore (LSE: GLEN). Although it has been a major disappointment in recent months, 2016 has been much better for the company’s investors due to Glencore’s share price having risen by 12% since the turn of the year. Clearly, the outlook for the business remains highly volatile due to the potential for further commodity price falls, but Glencore appears to have the right strategy with which to come through its present difficulties.

For example, it’s reducing its debt levels and making cost savings, which according to its latest update appear to be progressing well. Although its dividend appeal is now lacking following its decision to suspend dividends, capital gain prospects remain relatively high. The company’s P/E ratio of 18.5 may sound high, but with earnings forecast to grow by 19% this year, Glencore could prove to be a profitable, albeit risky, long-term buy.

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Peter Stephens has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.